Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the commencement of operations at the Tapolca solar project (“the Project”) in Hungary, which has a production capacity of 60 megawatts. The project began commercial sales of electricity on July 31, 2024, ahead of the Company’s original schedule.
This is Enlight’s fifth project in Hungary, bringing the Company’s total generating capacity in the country to 144 MW. Tapolca will sell electricity at merchant prices, and it is expected to provide green power equal to the total annual consumption of approximately 30,000 Hungarian households.
The Project’s total construction cost amounted to $48 million. Revenues in its first full year of operation are expected to be approximately $6 million, and EBITDA is expected to be approximately $5 million. The financing for the construction of the project was provided by Raiffeisen Bank, and the financial close occurred in March 2024. Enlight provided $21 million of long-term equity for the Project.
Gilad Yavetz, CEO of Enlight: “We are happy to announce the grid connection and commencement of commercial operations at our fifth project in Hungary. The continued development and operation of new European projects such as Tapolca is another example of Enlight’s broad international execution capabilities on a number of different continents. Enlight Europe is undergoing significant expansion, implementing our operating strategy in diverse markets which hedge and balance each other, accelerating the growth of our operating portfolio and the Company as whole.”
